Heavy Demand Keeps Crude Oil Inventories Dropping

U.S. crude oil supplies fell 2.9 million barrels (0.8%) for the week ending Dec. 13, according to an Energy Information Administration report (link opens a PDF) released today.

After dropping off 10.6 million barrels the previous week, recent heavy demand from refineries has continued to drop inventories. With this latest draw, overall inventories have increased just 0.2% in the past 12 months.

Source: eia.gov.

Gasoline inventories increased 1.3 million barrels (0.6%) after increasing 6.7 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.7% over the same period a year ago. In the last year, supplies have expanded 0.6%.

Source: eia.gov.

Distillates supplies, which include diesel and heating oil, fell 2.1 million barrels (1.8%) after increasing 4.5 million barrels the week before. Distillates demand for the last four weeks is down a seasonally adjusted 0.8% over the same period a year ago. In the past year, distillates inventories have decreased 0.9%.

Source: eia.gov,

The article Heavy Demand Keeps Crude Oil Inventories Dropping originally appeared on Fool.com.

You can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.